Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has partnered with Visa, the world’s leader in digital payments, to launch a comprehensive suite of digital payment solutions for corporate clients.
The launch unveiled a Central Travel Account solution, designed to make it easier for companies to centrally manage travel payments by consolidating and matching key travel data with transactional financial data. This will help corporates in tracking and managing their travel spends and enable them to produce detailed reports highlighting savings.
FAB also unveiled the first Visa Virtual Corporate Cards in the UAE, supported via Visa’s Payables Automation (VPA) solution, to address payment challenges in Business-to-Business (B2B) payments.
Offered as part of FAB’s ongoing commitment to meet the evolving needs of each customer segment, VPA is designed to deliver transaction processing and remittance posting of virtual card payments to suppliers. It benefits businesses by saving time, reducing labour costs, improving cash flow, and providing better security against fraud. The VPA solution has several key features that make it an effective alternative payment method, such as configurable authorisation controls, single use accounts and a highly flexible technology integration approach.
Ramana Kumar, EVP and Head of Payments and Digital Banking, Personal Banking Group, FAB, said: “In partnership with Visa, we have been working on strengthening our payments solutions for corporates and businesses. We are delighted to launch these solutions which are intended to facilitate payments for corporates, in addition to enhancing security features for these processes. Having firmly established ourselves as a leader in the payments space, we will continue to develop relevant solutions across our various customer segments.
Shahebaz Khan, Visa’s General Manager for the UAE, said: “As the global leader in digital payments, Visa strives to provide innovative solutions that address the evolving payment needs of businesses everywhere. The Visa Central Travel Account and Virtual Corporate Cards are both fast-growing and widely accepted digital forms of payment for B2B transactions. These solutions provide an increased layer of security and visibility and help to lower the costs of doing business by providing easy reconciliations and worldwide acceptance. We are excited to partner with FAB to bring these pioneering solutions to the bank’s corporate clients.”
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About First Abu Dhabi Bank (FAB)
FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.
FAB continuously anticipates evolving requirements, develops innovative solutions and moves in tandem with customers to offer an extensive range of tailor-made products via its market-leading Corporate and Investment Banking (CIB) and Personal Banking Group (PBG) franchises.
Aligned to the Abu Dhabi Economic Vision, inspired by global standards and guided by the expectations of stakeholders, FAB takes a leading role in fostering development and driving change towards a more sustainable future. FAB sees beyond traditional banking and embraces a challenger mindset. Its ambition is to contribute to social and human development which creates a dynamic, inclusive and tolerant society.
With total assets of AED 955 Billion (USD 260 Billion) as of September-end 2020, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2020 list, measured by Tier 1 capital, ranked FAB as number one in the UAE, second in the Middle East and #85 across the globe - in addition to ranking the bank #109 by assets in the same list. FAB is also a regional sustainability leader, and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
For further information, visit: www.bankfab.com , or https://www.growstronger.com/ Grow Stronger or https://www.bankfab.com/en-ae/updates for COVID-19 related updates.
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Mira Assaf
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Talal Natafji
Weber Shandwick MENA
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